The cryptocurrency market is witnessing a continued decline, as indicated by data from CoinMarketCap. Let’s take a closer look at the performance of two top coins.
Bitcoin (BTCUSD) – The Decline Persists
The rate of Bitcoin, represented by BTCUSD, has experienced a notable decrease, dropping by 5.28% in the past 24 hours (as per data from TradingView). Analyzing the daily chart reveals that BTC has breached the crucial $40,181 level. As long as the rate remains below this mark, bearish sentiment is likely to prevail over bullish tendencies. In this scenario, there is a higher probability of a sustained decline towards the $37,000-$38,000 zone. As of now, Bitcoin is trading at $38,922.
Ethereum (ETHUSD) – Experiencing Greater Losses
Ethereum, represented by ETHUSD, has encountered even more significant losses compared to Bitcoin, with a decline of 7.64% (as per TradingView). The price of ETH is on a downward trend following the bearish candle closure observed yesterday. If the current situation persists until the end of the day, traders may anticipate a test of the support level of around $2,115 by the end of the week. Ethereum is currently trading at $2,208.
Investors and market observers are closely monitoring these developments as the cryptocurrency market navigates through these challenging price movements.
| Cryptocurrency | Trading Pair | 24-Hour Change | Key Level (Breakdown) | Current Price |
|---|---|---|---|---|
| Bitcoin (BTC) | BTCUSD | -5.28% | $40,181 (Broken) | $38,922 |
| Ethereum (ETH) | ETHUSD | -7.64% | $2,115 (Potential) | $2,208 |